Anthropic is set to unveil its third-quarter financials for the first time at a meeting with potential investors on Wednesday, as the company gears up for what could be the largest initial public offering in history. The San Francisco-based AI firm will present its financial details to a group of institutional investors, according to two individuals familiar with the situation who requested anonymity due to the confidential nature of the information. Bloomberg first reported on the upcoming meeting, and Anthropic has declined to comment.
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This disclosure comes at a time when revenue figures from major private AI companies significantly impact broader markets. Recently, a report about OpenAI's revenue resulted in declines for major semiconductor stocks and the Nasdaq. OpenAI had updated its revenue number to $50 billion amidst ongoing fundraising efforts, which was lower than the previously speculated $70 billion. The revised figure excluded revenue from cloud partners but was not an indication of decreased demand, as clarified by a source familiar with internal details.
It remains uncertain whether Anthropic will report its sales similarly, including or excluding partner revenue. Nonetheless, the forthcoming figures are expected to offer investors deeper insights into Anthropic's growth and profitability, assisting them in valuing the company ahead of its IPO.
Additionally, the meeting will allow Anthropic's senior executives and bankers to assess investor interest and reactions to these updated financials. The company is reportedly aiming for a valuation around $2 trillion, with expected revenues over $100 billion by the end of this year, according to insiders. Such a valuation could place Anthropic ahead of SpaceX's significant market debut.
Although Anthropic filed confidentially with the Securities and Exchange Commission earlier this year, its S-1 financials have not been made public. The anticipated IPO is currently expected in November, as reported by Reuters, but a specific listing date has not been confirmed. The timing is critical, given the rising interest rates affecting segments of the AI sector. Comments from Broadcom CEO Hock Tan at a conference this week highlighted concerns that increasing rates might hinder capital access for AI firms.
Chip stocks continued to experience declines on Tuesday, influenced by apprehensions regarding the viability of AI financing in the current market environment. Bankers are carefully monitoring conditions as they relate to Anthropic’s impending IPO.